Expert: Brad Swain - 11/20/2009

Question
I have a Jan. 19, 1922 Reichsbanknote - 10000 - In my search I've been told its worth now is from $1 - $3.  My question is what was the value of this in US dollars when it was issued in 1922?  

Answer
Hi Janet, Collector value of a note depends on date, series letter or signature and condition, including amount of wear, any folds, tears or stains as well as collector demand.
There are three types of these German 10,000 Mark notes, all may currently be worth about $3 with heavy wear to around $8 with moderate wear to maybe $20 with no wear (uncirculated) depending on amount of collector demand.
The first type has the eagle in the center with 10000 on each side. The second has 10000 in the center and is 210 x 124 millimeters. The third is the same as the second but smaller, 180 x 100 millimeters.
The second is also known as the 'vampire' note as the designer worked a vampire like design next to the man's neck symbolizing the economy draining reparations Germany had to pay at the end of WWI.
You might also try a library for a copy of the Standard Catalog of World Paper Money for pictures, value estimates and lots more interesting info.

German hyperinflation rates: http://www.schoolshistory.org.uk/ASLevel_History/week6_economicrecovery.htm
In January, 1922 190 Mark equalled a dollar.
On June 24, 1922, the Mark sank to 300 to $1.
In July, 1922 the Mark was 500 to the $1.
In late October, 1922 the Mark fell to 4,500 to $1.
In January, 1923 the Mark was standing at 10,200 to $1.
And in April, 1923, hyperinflation started!
By the end of November, 1923 on the black market, the rate rose to 12 trillion to $1. The official rate was pegged at 4.2 trillion to $1.
Brad